Banking reforms signal improvements for UK online payments system

Britain’s online payments system is set to be brought up to speed with techniques already used in many places across Europe, reports thedrum.com.

After giving the green light to a new banking regulator, the British government has broken the stranglehold that Britain’s biggest banks have over the nation’s payments network.

Standard.co.uk says ministers are looking to make it easier for people to make online payments whilst slashing transaction fees for ecommerce customers.

The creation of a new regulator is expected to trigger numerous improvements for the UK’s current online payment system, which will finally welcome auto-input for account numbers.

Originally pioneered in Holland, this system prevents customers from having to enter their full card details every time they check out with an item by storing the digits remotely.

The reforms could also see an introduction for Spanish ‘floating’ cash machines for disabled customers. Special cash machines in the country “float” out from a wall to make them easy to access, while a 19-inch touch screen allows them to make transactions with ease.

That’s in addition to a new mobile app which allows people to send money via text.

Financial secretary to the treasury Sajid Javid said the government is determined to open competition in the banking sector for the benefit of the economy, businesses and customers.

“An open and transparent payments system is crucial to give new players freedom to challenge the big banks without unfair barriers,” he commented.

“The reforms we are announcing today will encourage innovation, ensuring that real benefits are passed onto each and every user of financial services.”